McNally Smith assets up for sale in bankruptcy auction

Bidding on assets of the defunct McNally Smith College of Music is underway, after a U.S. Bankruptcy Court ordered that the items be sold.

Organized in 250 lots, lounge chairs, vehicles, microwave ovens and dorm-room furniture are among the items included in the online auction being handled by Grafe Auction.

“Don’t miss this chance to name your price on quality items,” the description on the website of the company that conducts more than 120 sales of commercial assets each year reads. “All items in the administration building must be sold to the public regardless of price.”

Among the slightly unusual and specialty items are a framed print autographed by the late rock guitarist and singer Jimi Hendrix, fake trees and a small collection of rocks with painted eyes labeled “Original Rock Concert (looks like the Rolling Stones).”

The for-profit St. Paul music school abruptly closed at the end of 2017, citing insurmountable enrollment and financial troubles. The closing left more than 300 students without a place to finish their education and many faculty members without a job.

Court documents show that the school, which provided undergraduate and graduate music education for 32 years, has more than 1,026 creditors. It has between $1 million and $50 million in assets and between $1 million and $10 million in liabilities, according to the 112-page Chapter 7 bankruptcy filing signed by Chairman of the Board John E. “Jack” McNally.

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